Glossary
Bitcoin
Bitcoin is a decentralized digital currency that runs on a public, peer-to-peer network, letting people send value directly to one another without a bank or central authority.
The close-up. Bitcoin is both a network and the unit of value that moves across it. Transactions are grouped into blocks and recorded on a shared public ledger called a blockchain, which every participant can inspect. Instead of a bank confirming payments, a distributed set of computers reaches agreement through a process known as consensus. Bitcoin uses proof-of-work, where participants called miners compete to add the next block and, in doing so, secure the record against tampering. Ownership is controlled by cryptographic keys held in a wallet, so users, not intermediaries, authorize their own transfers.
The wide shot. Bitcoin introduced the idea that a currency could be issued and settled by open software and a global community rather than a government or company. Its supply is governed by rules written into the protocol and enforced by the network, which is why many describe it as scarce by design and often compare it to a digital form of hard money. Because no single entity controls it, the system is described as decentralized and permissionless — anyone can join, verify, or transact.
Bitcoin is widely regarded as the first cryptocurrency and the template that later projects built upon. It remains informational to study, not a recommendation to buy or sell; always do your own research. You can explore live market data on our coins pages and related calculators under tools.